Some glad tidings on confidence
December 16, 2022
As flooring's all-important Q4 comes to a close, analysts detected faint signs of improvements in consumer confidence for big ticket items.
While, GfK’s long-running Consumer Confidence Index increased a meagre two points in December to minus 42, its Major Purchase Index crept up four points - albeit to a less than encouraging minus 34.
The Major Purchase Index (MPI) focuses specifically on larger purchases such as household appliance, furniture and flooring and asks consumers "‘In view of the general economic situation, do you think now is the right time for people to make major purchases."
In October, the MPI was running at minus 41 in the midst of all the economis and political uncertainty of that time. But this time last year, the MPI was at "only" minus 6.
Joe Staton, Client Strategy Director, GfK says: “December marks the eighth month in a row in which the Index has bumped along at -40 or worse, the first time this has happened since our records began nearly 50 years ago.
"Despite the latest GDP figures showing slight growth in October, the warning is of a tough road ahead and that the UK is not out of the recessionary woods. Real wages are falling as inflation continues to bite hard, further straining the discretionary budget of many households," he said.
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